Prepare the bank reconciliation for Wilderness Associates at October 31, 2024. Ron of...
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Prepare the bank reconciliation for Wilderness Associates at October 31, 2024.
Ron of Swanson Woodworking is getting ready to prepare the October bank reconciliation. The cash balance on the books of Swanson Woodworking on October 31 is $3,546. Ron reviews the bank statement, and notes the cash balance at October 31 of $2,445. The bank statement also reveals that the bank collected a note receivable on behalf of Woodworking -- the principal was $1,500 and the interest was $15 One customer's check for $29 was returned by the bank for insufficient funds. Two additional items on the bank statement were the monthly EFT for the utilities, $250, and the bank service fee of $12. Lori notes that the cash deposit made on October 31 of $3,300 does not appear on the statement, and that three checks totaling $975 had not cleared the bank account when the bank statement was prepared
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